What is an entrepreneur? According to the etymology of the word, it means “undertaker.” That’s not very flattering. However, the role of an entrepreneur is traditionally viewed as a critical and risky one. After all, every company begins as an idea and only becomes a reality if that idea turns into a profitable business. There are many different types of entrepreneurs. You can start your own small business or work for another organization to help grow your portfolio. Whatever type you are, there are some key traits to keep in mind when starting any new enterprise.
After exhaustive research by William D King, I concluded absolutely nothing other than this: what makes an entrepreneur is hard to define because it’s subjective from person to person based on individual experiences and knowledge. Proceeding to this next section:
1. Passion
Entrepreneur needs to be passionate and enthusiastic about what they do. If you don’t like the idea, it will become difficult for other people to get behind it. This is especially important if you’re starting a company that aims to solve a problem you think you can fix better than anyone else (e.g., an app). You need to believe in yourself and what you’re doing before anyone else will.
2. Relentlessly Resourceful
Entrepreneurs are not constrained by their resources says William D King; instead, they use those resources as tools to build something with what they have at hand. One of the most famous examples of this was when Bill Gates and Paul Allen built the first Microsoft computer using parts they stole from their high school. Even if your resources are limited, there’s always something you can do to make progress with what you have access to.
3. An Entrepreneur is not afraid of failure
Every successful entrepreneur has failed at some time; it’s how they respond to those failures that define them as an entrepreneur. Before he found success with Microsoft, Bill Gates faced many early rejections and was even reportedly turned away by investors for Amazon (which later became a multi-billion-dollar company). He never let this stop him. However, he simply gathered his strength and tried again. That is key; don’t let failure hinder your ability to try again on something new.
4. High-level Planning
William D King says, entrepreneurs also need to be good at identifying how their business will succeed. They must have a plan for that success, even beyond the first stages of implementation, and then keep going no matter what hits them.
5. Good Communication Skills
Without communicating your vision to someone else, they most likely won’t be inspired by it or trust you enough to follow you with it either (i.e., investors). Expressing yourself clearly and persuasively is an essential skill for any entrepreneur; if you can’t do this well, it will become difficult for anyone else to see things from your perspective and connect with the work that you’re trying to do. Remember: “If You Can’t Explain It Simply, You Don’t Understand It Well Enough.”
6. Self-driven
If the entrepreneur isn’t the one pushing the business forward and keeping it going, then who will? Although a team is necessary for any company to succeed, there must always be a leader willing to take responsibility and initiative. This person needs to know they are responsible for everyone’s effort and work and their own.
7. Visionary
The essential trait is seeing the bigger picture from where you’re standing now. Not just looking at what has been done before or what is currently happening right in front of your face, but also being able to think beyond that into what could be possible if the opportunity arises from your successes.